Category: Economy

The Congolese franc exchange rate is depreciating against the US dollar, driving up the prices of food and basic necessities. The government is taking steps to stabilize the situation and strengthen tax controls. At the same time, the country is preparing to host the Games of La Francophonie, offering an opportunity to celebrate sport and international culture.

The article highlights the spike in food prices in Bunia, Democratic Republic of Congo, due to the depreciation of the Congolese franc. This situation particularly affects small traders and households who are struggling to make ends meet. Testimonials from fruit vendors and motorcycle repairers highlight the difficulties encountered. The merchants call on the government to intervene and regulate the exchange rate to stabilize the economy and allow families to have access to a decent education. It is therefore crucial that urgent measures be taken to resolve this situation.

In this article excerpt, we address the issue of exchange rate instability in the Democratic Republic of Congo (DRC) and the measures taken by President Félix Tshisekedi to regulate this situation. It mobilized the General Inspectorate of Finance to work in collaboration with the government and the Central Bank of Congo in order to find effective solutions. The objective is to ensure strict application of measures aimed at regulating the exchange rate on the market, in response to the concerns expressed by the population. One of the recommendations is to ask mining operators to repatriate part of the sale of their minerals in foreign currency to stabilize the local currency. The DRC has opted for a free market exchange system, but this can lead to significant fluctuations in the exchange rate, hence the need for effective regulation to ensure the country’s economic stability. The government is determined to solve this problem and to put in place the necessary measures, with the participation of all the actors concerned. In conclusion, it is crucial to find lasting and effective solutions to put an end to the instability of the exchange rate in the DRC and improve the living conditions of the citizens.

Banks in the Democratic Republic of Congo recorded a significant increase in their holdings at the Central Bank. According to a recent report, banks’ current account holdings increased by 272.1 billion Congolese Francs on a weekly basis. This increase reflects the growing confidence of banks in the national economy, despite the financial and economic challenges facing the country. This growth in commercial bank assets also highlights the importance of an enabling environment for investment and economic growth in the Democratic Republic of Congo.

The increase in demand for copper and gold on international markets is good news for the Congolese economy, which is heavily dependent on the export of these minerals. The ton of copper increased by 4.3% and the ounce of gold by 2% in mid-July 2023, reflecting strong demand for these metals, mainly in China and India. This increase should encourage investments in the DRC’s mining sector and stimulate the country’s economic growth. It is crucial to put in place policies for the responsible management of these resources in order to guarantee their sustainable and equitable exploitation.

Summary :

Democratic Republic of Congo: The population of Goma mobilizes during a peaceful demonstration to demand the stabilization of the exchange rate and the fall of the Congolese franc. The depreciation of the national currency has led to an increase in the prices of goods and services, thus affecting the purchasing power of the Congolese. The demonstrators demand concrete measures from the government to improve the country’s economic situation. It is essential to promote monetary stability in order to promote economic development and the well-being of the Congolese population.

The rise in food prices in Bunia has an impact on motorcycle sellers and repairers, who see their activity penalized and their income reduced. The women who sell their products along the main arteries of Bunia are particularly affected by this inflation. They ask the government to regulate the exchange rate to enable households to cope with rising prices. This situation also compromises children’s preparation for the start of the school year. It is therefore essential that measures be taken to mitigate the consequences of this inflation on the population and ensure the economic stability of the region.

In the Democratic Republic of Congo, the instability of the exchange rate is a major concern for the government and the population. President Tshisekedi has asked the Central Bank and the General Inspectorate of Finance to take measures to stabilize the local currency. Among the recommendations, it is proposed to repatriate 40% of mineral sales in foreign currency to meet the demand for foreign currency. Although the DRC has opted for a free exchange market, this has led to excessive volatility. It is therefore necessary to work together to find concrete solutions to stabilize the exchange rate, while examining the root causes of this instability. This may include strengthening local production, encouraging exports and attracting foreign investment. By doing so, the DRC can hope for lasting economic stability and prosperous development for all its citizens.

The Democratic Republic of Congo (DRC) is experiencing major advances in infrastructure, health and digitalization. Infrastructure projects such as roads, bridges and hydroelectric plants will stimulate economic development. The DRC is also improving its health services with modern centers and vaccination programs. Finally, the country is turning to digitization and technological innovation to foster social and economic development. The DRC is firmly committed to a process of development for a better future, but it is essential to maintain these efforts and to guarantee an equitable distribution of the benefits.